AR represents money owed by customers for goods/services delivered. AP shows money owed by business to vendors for purchases. AR is recorded as an asset, AP as a liability in balance sheet
Bookkeeping tracks business financial transactions and records money inflows and outflows. Modern bookkeeping uses digital software, dating back to 15th century. Two main types: single-entry for cash and double-entry for complex transactions
Intuit launched QuickBooks in 1992 for small and medium-sized businesses. Initially focused on DOS version, later expanded to Windows and Mac. Initially claimed 85% of US small business accounting market. Professional accountants initially criticized poor security controls
Customizable reports with "Go To" functionality for business insights. Supports multiple companies and currencies with incremental feature additions. Enables quick bill management and optimized cash flow. Provides intuitive workflow with consistent navigation
PFM software emerged in 1983 to simplify bill-paying processes. Intuit was founded by Scott Cook and Tom Proulx. Quicken was created as a check-balancing program for Cook's wife. Quicken's ease of use made it accessible to bill-paying users
Worldwide compatibility with pre-configured fiscal localization packages. iOS and Android native apps cover 100% of features. AI-powered invoice digitization for scanned documents. Supports multi-currency with daily rate updates